Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Meridian Arranges Refi on South Side Apartment Portfolio
Meridian Capital Group has arranged $37 million in financing to refinance a noncontiguous 46-property multifamily portfolio on the South Side on behalf of a Chicago-based private REIT. The 10-year CMBS loan features full-term interest-only payments and was negotiated by Meridian’s Seth Grossman and Sarah Kuebler, both based in the company’s Southern California offices.
Located in various neighborhoods throughout the South Side, the 46 multifamily properties contain a total of 835 apartment units; a handful also contain ground floor commercial tenants. As the properties were acquired, renovated, and previously financed at different times, there were many moving parts that had to be coordinated prior to refinancing.
“We previously refinanced the majority of this portfolio in 2011 and 2012,” said Grossman. “At that time, our client transformed what were primarily boarded-up, abandoned buildings that suffered neglect during the Great Recession into highly regarded, safe, affordable workforce housing.”
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Financing
